I am one month into the sale of my apartment in Southampton and the EA has just text me to advise that the buyers are changing their property lawyer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Southampton ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
The Southampton conveyancing firm handling our Southampton conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My solicitor informs me that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action correct?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Can your site be used to find a Conveyancing solicitor in Southampton even where I’m not buying or selling a house, for instance where I intend to acquire an office in Southampton with a mortgage from Britannia?
Our search tool is predominantly there to select domestic conveyancing solicitors in Southampton but we have set out at the end of this page a selection of Southampton commercial conveyancing firms. You will need to speak with the solicitors directly to establish if they can also act for Britannia
I'm buying a new build house in Southampton with the aid of help to buy. The sellers refused to move on the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not disclose to my solicitor about the extras as it could affect my loan with Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Southampton I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Southampton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
The loan agreement from a bank for the remortgage of my 3 bedroom flat is to be issued within the next few days. Can you recommend a cheap remortgage conveyancing practitioner in Southampton ?
This site is not designed to help in pursuit of the lowest fares for conveyancing in Southampton. Our goal is to offer cost effective conveyancing but our intention is not to advertise as being the cheapest. Do not be fooled by brokers offering £99 conveyancing in Southampton.In your best case scenario, in opting for cheap conveyancing, you will end up with what you pay for and at worst you will end up being stung for additional fee and still not get the service required.